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<SEC-DOCUMENT>0000930413-07-000675.txt : 20070126
<SEC-HEADER>0000930413-07-000675.hdr.sgml : 20070126
<ACCEPTANCE-DATETIME>20070126125029
ACCESSION NUMBER:		0000930413-07-000675
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061130
FILED AS OF DATE:		20070126
DATE AS OF CHANGE:		20070126
EFFECTIVENESS DATE:		20070126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST II
		CENTRAL INDEX KEY:			0001176194
		IRS NUMBER:				010722216
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21126
		FILM NUMBER:		07555465

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c46360_n-q.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<P align="center">
<FONT face="serif">UNITED STATES <br>
</FONT><FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT face="serif">Investment Company Act file number:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;811-21126&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>
<P align="center">
<FONT face="serif"></FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"><BR> (Exact name of registrant as specified in charter) <br>
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="bottom">
	<TD width="67%">
<div style="border-bottom:1px solid #000000"><FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;</div>
	</TD>
	<TD width="33%">
<div style="border-bottom:1px solid #000000"><FONT face="serif">19809</FONT>&nbsp;</div>
	</TD>
</TR>
<TR align="center" valign="bottom">
	<TD>
<FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
	</TD>
	<TD>
<FONT face="serif">(Zip code)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<br>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center>
<FONT face="serif">Robert S. Kapito, President</FONT>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<FONT face="sans-serif"><b>BlackRock Municipal Income Trust II</b></font>	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<div style="border-bottom:1px solid #000000"><FONT face="serif">40 East 52nd Street, New York, NY 10022</FONT>&nbsp;</div>
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=center>
<FONT face="serif">(Name and address of agent for service)</FONT>&nbsp;
	</TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT face="serif">Registrant&#146;s telephone number, including area code: </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>
<P>
<FONT face="serif">Date of fiscal year end:</FONT><U><FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2007&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"> <br>
Date of reporting period: </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 30, 2006&nbsp;&nbsp;&nbsp;</FONT></U></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">The Registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
    <TD align=left nowrap colspan=5><B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited)</FONT></B>&nbsp;
    </TD>
    <TD width="10%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%" align=left nowrap>&nbsp;

  </TD>
  <TD width="7%" align=left nowrap>&nbsp;

  </TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">NOVEMBER 30, 2006</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">BlackRock Municipal Income Trust II (BLE)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">(Percentage of Net Assets)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="7%" align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
  <TD width="3%">&nbsp;
  </TD>
  <TD width="63%" align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
    </center></TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;152.4%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Alabama&#151;1.3%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,010</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Birmingham, Wtr. Wks. &amp; Swr. Brd., Wtr. Util. Impvt. RB, Ser. A, 4.50%, 1/01/35, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,021,989</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Birmingham, Spl. Care Fac. Fin. Auth. RB, Ascension Hlth. Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,825</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C-2, 5.00%, 11/15/36</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,936,690</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,825</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C-2, 5.00%, 11/15/39</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,932,273</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,890,952</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;7.1%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,250</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Agua Caliente Band of Cahuilla Indians, Casinos Parimutuel Betting RB, 6.00%, 7/01/18</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,454,075</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,700</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">California GO, 5.00%, 6/01/34</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,863,593</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. Tobacco Sec. Agcy. Pub. Impvts. Tobacco Settlement Funded RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,410</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Stanislaus Cnty. Tobacco Proj., Ser. D, Zero Coupon, 6/01/55</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 6.219</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">411,268</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,840</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, Zero Coupon, 6/01/46</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 17.602</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">188,987</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,710</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C, Zero Coupon, 6/01/55</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 8.9</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">460,545</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mobilehome Park Fin. Auth., St. Single Fam. Hsg. Local Hsg. RB, Millenium Hsg. Corp.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., Ser. A, 5.25%, 3/15/34, ACA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/13 @ 102</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,711,085</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,620</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">San Francisco City &amp; Cnty. Redev. Agcy., Pub. Impvt. ST, Mission Bay South Proj.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.625%, 8/01/27</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/11 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,007,202</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Statewide Cmnty. Dev. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Mem. Hlth. Svcs.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., Ser. A, 5.50%, 10/01/33</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,355,150</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA-</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,755</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. of California, Coll. &amp; Univ. Impvts. RB, Ser. B, 4.75%, 5/15/38</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,952,051</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26,403,956</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;4.9%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,375</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,466,974</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Catholic Hlth. Initiatives</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., Ser. A, 5.50%, 3/01/32</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,856,500</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Northwest Pkwy. Pub. Hwy. Auth., Hwy. Impvts. Tolls RB, Ser. A, 5.25%, 6/15/41, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/11 @ 102</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,292,360</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,375</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Park Creek Met. Dist., Misc. RB, 5.50%, 12/01/37</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/15 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,468,321</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">18,084,155</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;6.2%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,265</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Misc. RB, Friendship Pub. Charter Sch. Proj., 5.25%, 6/01/33, ACA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,331,425</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.50%, 5/15/33</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,058,950</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.75%, 5/15/40</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/11 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,653,220</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23,043,595</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;14.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,650</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Leesburg, Hlth., Hosp. &amp; Nursing Home RB, Leesburg Regl. Med. Ctr. Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 7/01/32</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,788,860</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,990</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,149,800</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">20</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. TA, Ser. B, 5.00%, 11/01/07</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">20,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,670</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">JEA, Wtr. Util. Impvts. RB, Ser. A, 4.75%, 10/01/36, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,711,299</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,735</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Lakes by the Bay South Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 6.25%, 5/01/34</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,139,937</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,125</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Live Oak Comm. Dev. Dist. No. 1, Pub. Impvts. SA, Ser. A, 6.30%, 5/01/34</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,366,563</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,230</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Miami Beach Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Mt. Sinai Med. Ctr.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 6.75%, 11/15/21</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,226,613</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,850</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Adventist Hlth. Sys.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Inc. Proj., 5.625%, 11/15/32</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/12 @ 101</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,488,899</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA-</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,000</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. &amp; Nursing Home RB, Baycare Hlth. Sys., Inc.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 5.50%, 5/15/13</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,461,040</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,065</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 7.10%, 5/01/35</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,261,320</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,520</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Sumter Cnty. Ind. Dev. Auth., Indl. Impvts. RB, 6.90%, 10/01/34, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/09 @ 100</FONT>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,746,994</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">54,361,325</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT face="serif">BlackRock Municipal Income Trust II (BLE) (continued) </FONT></B><B><FONT face="serif"><br>
(Percentage of Net Assets) </FONT></B></P>
<P align="left">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  </TR>
  <TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=7% align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD width=63% align=left nowrap>&nbsp;

  </TD>
  <TD width=10% align=left nowrap>&nbsp;

  </TD>
  <TD width=2% align=left nowrap>&nbsp;</TD>
  <TD width=7% align=left nowrap>&nbsp;

  </TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;1.5%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Atlanta, Port, Arpt. &amp; Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap>
<FONT size=2 face="serif"> 217,583</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Milledgeville &amp; Baldwin Cnty. Dev. Auth., Univ. &amp; Coll. Impvts. RB, Georgia Coll. &amp; St.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. III Proj., 5.625%, 9/01/30</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">09/14 @ 101</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,451,200</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,668,783</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;19.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,470</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,558,945</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,290</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chicago O'Hare Intl. Arpt., Port, Arpt. &amp; Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,571,553</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Fin. Auth.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">910</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth., Hosp. &amp; Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">2/15/37</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">940,403</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,880</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth., Hosp. &amp; Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">8/15/43</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,070,594</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,500</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth., Hosp. &amp; Nursing Home RB, Adventist Hlth. Sys./Sunbelt Proj., 5.65%, 11/15/09</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,010,450</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,310</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coll. &amp; Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,405,264</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,845</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coll. &amp; Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,910,627</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,125</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. &amp; Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,166,085</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">900</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. &amp; Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">932,859</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Elmhurst Mem. Hosp. Proj., 5.50%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">1/01/22</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,579,760</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Met. Pier &amp; Exposition Auth., Pub Impvts. St. Tax RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">45,190</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 6/15/33, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,534,008</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 6/15/40, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,172,850</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,490</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mun. Elec. Agcy., Elec. Pwr., &amp; Lt. Impvts. RB, 4.50%, 2/01/35, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,551,433</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Sports Facs. Auth., Recreational Inc. Impvts. Misc. Tax RB, Zero Coupon, 6/15/30,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/15 @ 101</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,033,100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vlg. of Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.375%, 1/01/12,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,334,920</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">72,772,851</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;8.4%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. Fac. Fin. Auth., Hlth., Hosp. &amp; Nursing Home RB, Ascension Hlth. Credit Grp. Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. F, 5.375%, 11/15/12</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,501,150</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">19,735</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Indianapolis Local Pub. Impvt. Bond Bank, Wtr. Util. Impvts. RB, Ser. A, 5.25%, 7/01/12,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">21,389,582</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,200</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mun. Pwr. Agcy., Elec., Pwr. &amp; Lt. RB, Ser. A, 4.50%, 1/01/32, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,253,004</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,143,736</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland&#151;1.8%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj. Ser. A, 5.95%, 7/01/30</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/07 @ 102</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,089,580</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. &amp; Higher Edl. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,240</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Medstar Hlth., Inc. Proj., 5.50%, 8/15/33</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,414,630</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,074,890</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,579,100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;0.9%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,145</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Wtr. Res. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,363,735</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;0.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,305</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hosp. Fin. Auth., Hlth., Hosp. &amp; Nursing Home RB, Hlth. Alliance Plan Proj., Ser. A,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.25%, 11/15/46</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,468,862</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Mississippi&#151;1.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,950</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Lowndes Cnty., Indl. RB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,059,394</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;1.8%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">370 Missouri Bottom Rd. Taussig Rd. Transp. Dev. Dist. Hazelwood, Pub. Impvts. Sales</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Tax RB, 7.20%, 5/01/33</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,728,100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;3.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,000</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.75%, 4/30/15</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,081,900</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,500</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 6.00%, 4/30/19</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,901,555</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, 6.00%, 4/30/15</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,454,300</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom"><TD align=center nowrap colspan=5><div align="left"><B><FONT face="serif">BlackRock Municipal Income Trust II (BLE) (continued)</FONT></B>&nbsp;
    </div></TD>
  <TD width=10% align=left nowrap>&nbsp;

  </TD>
  <TD width=2% align=left nowrap>&nbsp;</TD>
  <TD width=7% align=left nowrap>&nbsp;

  </TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">(Percentage of Net Assets)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD width=7% align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
  </TD>
  <TD width=3%>&nbsp;
  </TD>
  <TD width=63% align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
    </center></TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
  </center></TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;(cont'd)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,000</FONT><SUP><FONT size=2 face="serif">6</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, 6.30%, 4/30/19</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> 3,391,890</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13,829,645</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;2.8%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,855</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Clark, Private Schs. RB, Alex Dawson Sch. Rainbow Proj., 5.00%, 5/15/29</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,015,737</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,675</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Henderson Local Impvt. Dist., Pub. Impvts. SA, 5.80%, 3/01/23</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/07 @ 103</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,760,573</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,400</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,600,420</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,376,730</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;12.4%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Econ. Dev. Auth.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Econ. Impvts. Elec., Pwr. &amp; Lt. RB, Kapkowski Road Landfill Proj., 6.50%, 4/01/31,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,034,900</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Econ. Impvts. Misc. RB, Cigarette Tax, 5.50%, 6/15/31</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,631,170</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Econ. Impvts. Misc. RB, Cigarette Tax, 5.75%, 6/15/34</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,344,120</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Port, Arpt. &amp; Marina Impvts. RB, Continental Airlines, Inc. Proj., 7.20%, 11/15/30, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/10 @ 101</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,842,148</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,475</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">SA, Kapkowski Road Landfill Proj., 6.50%, 4/01/28</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,212,265</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">46,064,603</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New Mexico&#151;1.5%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,200</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hsg. Auth., St. Multi-Fam. Hsg. Local Hsg. RB, Yes Villa Del Oso LLC Proj., Ser. A,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.00%, 1/01/38</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 102</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,485,532</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;10.2%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">985</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Albany Indl. Dev. Agcy., Sch. Impvts. Lease Appreciation RB, Ser. A, 7.00%, 5/01/35</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/15 @ 102</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">985,640</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,845</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Env. Facs. Corp., Swr. Impvts. Misc. RB, Ser. B, 5.00%, 6/15/31</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,992,314</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA-</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,150</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Liberty Dev. Corp., Indl. Impvts. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,453,640</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,775</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Met. Transp. Auth., Misc. RB, Ser. A, 5.00%, 7/01/30, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/12 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,981,493</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,700</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York City Indl. Dev. Agcy., Port, Arpt. &amp; Marina Impvts. RB, American Airlines</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 7.75%, 8/01/31, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/16 @ 101</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,114,035</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Caa1</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,325</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Port Auth. of New York &amp; New Jersey, Port, Arpt. &amp; Marina Impvts. RB, Continental</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Airlines, Inc. Proj., 9.00%, 12/01/10, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/07 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,492,010</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">38,019,132</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;2.2%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Gaston Cnty. Indl. Facs. &amp; Poll. Ctrl. Fin. Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,073,750</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;2.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,140</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Air Qual. Dev. Auth., Rec. Recovery PCRB, Dayton Pwr. &amp; Lt. Co. Proj., 4.80%, 1/01/34,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/15 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,518,213</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Oklahoma&#151;1.2%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,925</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tulsa Mun. Arpt. Trust Trustees, Port, Arpt. &amp; Marina Impvts. RB, AMR Corp. Proj., Ser.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">A, 7.75%, 6/01/35, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,542,285</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania&#151;5.4%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Econ. Dev. Fin. Auth.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A3</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,175</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Trans. Impvts. Lease Renewal RB, Amtrack Proj., Ser. A, 6.375%, 11/01/41, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/11 @ 101</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,575,286</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB-</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,425</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Elec., Lt. &amp; Pwr. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/11 @ 103</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,151,067</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Monroe Cnty. Hosp. Auth., Hlth., Hosp. &amp; Nursing Homes Impvts. RB, Pocono Hlth. Sys.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 6.00%, 1/01/43</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/14 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,447,350</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20,173,703</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico&#151;1.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,755</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Comnwlth. Ad Valorem Ppty. Tax GO, Ser. B, 5.00%, 7/01/35</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/16 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,105,710</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;5.3%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Greenwood Cnty. Hosp. RB, Self Mem. Hosp. Facs. Proj.,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,280</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 10/01/26</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,476,439</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,250</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.50%, 10/01/31</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,438,793</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Jobs Econ. Dev. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,750</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Georgetown Mem. Hosp. Proj., 5.375%, 2/01/30, RAA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/11 @ 100</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,952,725</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Palmetto Hlth. Alliance Proj.,6.875%, 8/01/13</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,938,131</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>

<TR valign="bottom">
    <TD align=left nowrap colspan=5><B><FONT face="serif">BlackRock Municipal Income Trust II (BLE) (continued)</FONT></B>&nbsp;
    </TD>
    <TD width="10%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="7%" align=left nowrap>&nbsp;

  </TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=5>
<B><FONT face="serif">(Percentage of Net Assets)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR>
  <TD colspan=9>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD width="5%" align=left nowrap>&nbsp;

  </TD>
  <TD width="2%">&nbsp;
  </TD>
  <TD width="7%" align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Principal</FONT></B>&nbsp;
    </center></TD>
  <TD width="3%">&nbsp;
  </TD>
  <TD width="63%" align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Amount</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Option Call</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><center>
    <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>&nbsp;
  </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <center>
      <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <center>
    <B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
  </center></TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina&#151;(cont'd)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,640</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>
    <center>
      <FONT size=2 face="serif">08/13 @ 100 </FONT>&nbsp;
    </center></TD>
  <TD style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,991,146</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19,797,234</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee&#151;2.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">20,405</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Knox Cnty. Hlth. Edl. &amp; Hsg. Facs. Brd., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Ser.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">A, Zero Coupon, 1/01/21, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/13 @ 63.44</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,950,294</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;17.9%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,015</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dallas Area Rapid Trans., Sales Tax RB, 5.00%, 12/01/31, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/11 @ 100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,102,753</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">20,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Gulf Coast Wst. Disp. Auth., Indl. RB, Intl. Paper Co. Proj., Ser. A, 6.10%, 8/01/24, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">21,667,400</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">25,375</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Harris Cnty.-Houston Sports Auth., Lease RB, Ser. A-3, Zero Coupon, 11/15/36, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/24 @ 49.423</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,610,159</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Auth., Misc. RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 5/15/13, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,409</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,300</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 5/15/31, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,371,058</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">930</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4.75%, 3/01/30, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/14 @ 100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">958,709</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tpke. Auth., Hwy. Impvt. Tolls RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">73,370</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/36, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 24.171</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,871,332</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">65,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/37, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 22.708</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">11,545,950</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">27,600</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/38, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 21.384</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,616,376</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,575</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 8/15/42, AMBAC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 100</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,813,312</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">66,562,458</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Virginia&#151;6.3%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,065</FONT><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Alexandria Redev. &amp; Hsg. Auth., Local Hsg. RB, Park Ctr. Assoc. Proj., Ser. A, 6.375%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">4/01/34</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/08 @ 103</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,641,950</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Halifax Cnty. Indl. Dev. Auth., Indl. RB, Old Dominion Elec. Coop. Proj., 5.625%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6/01/28, AMBAC, AMT</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/13 @ 101</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,958,500</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23,600,450</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;1.9%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,960</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,101,845</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,820</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence Hlth. Sys. Proj., Ser.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">A, 4.625%, 10/01/34, FGIC</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,910,568</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,012,413</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">West Virginia&#151;1.7%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,115</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Econ. Dev. Auth., Correctional Fac. Impvt. Lease RB, Ser. A, 5.00%, 6/01/29, MBIA</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,185,167</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mason Cnty., Rec. Recovery Impvts. PCRB, Appalachian Pwr. Co. Proj., Ser. L, 5.50%,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">10/01/22</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/11 @ 100</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,192,800</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,377,967</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;2.6%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. &amp; Edl. Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,930</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Aurora Hlth. Care, Inc. Proj., 6.40%, 4/15/33</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/13 @ 100</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,428,599</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wheaton Franciscan Svcs. Proj., 5.75%, 8/15/25</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/12 @ 101</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,382,050</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,810,649</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Long-Term Investments (cost &#36;513,351,542)</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp; </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">566,869,312</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;1.9%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;1.8%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-1+</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,764</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Pub. Energy Agcy., Natural Gas Util. Impvts. RB, Ser. A, 3.49%, 12/07/06,</FONT>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FRWD</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,764,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
    <center>
      <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
    </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
 <center>
   <B><FONT size=2 face="serif">(000)</FONT></B>&nbsp;
  </center></TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;0.1%</FONT></B>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">AIM Tax Free Cash Reserve Portfolio - Institutional Class</FONT>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>&nbsp;
  </TD>
  <TD><div style="border-bottom:1px solid #000000">&nbsp;</div>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">300,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Short-Term Investments (cost &#36;7,064,000)</FONT></B>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;
  </TD>
  <TD style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">&#36;</FONT></B>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,064,000</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>

<HR noshade width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>


<P align="left">
<B><FONT face="serif">BlackRock Municipal Income Trust II (BLE) (continued)</FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<P align="left">&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  </TR>
  <TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD width=2% align=left nowrap>&nbsp;</TD>
  <TD width=7% align=left nowrap>&nbsp;</TD>
  <TD width=3% align=left nowrap>&nbsp;</TD>
  <TD width=63% align=left nowrap>
<B><FONT size=2 face="serif">Total Investments &#151;154.3% (cost &#36;520,415,542</FONT></B><B><SUP><FONT size=2 face="serif">8</FONT></SUP></B><B><FONT size=2 face="serif">)</FONT></B>&nbsp;
  </TD>
  <TD width=10%>&nbsp;
  </TD>
  <TD width=2% align=right nowrap><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD width=7% align=right nowrap>
<FONT size=2 face="serif"> 573,933,312</FONT>&nbsp;
  </TD>
  <TD width=1% align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Other assets in excess of liabilities &#151;1.0%</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,787,288</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares at redemption value, including dividends payable &#151;(55.3)%</FONT>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(205,612,195)</FONT>
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#DDDDDD">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>&nbsp;
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif"> 372,108,405</FONT>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
__________
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">1</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">Using the highest of Standard &amp; Poor's, Moody's Investors Service or Fitch's Ratings.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">2</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">3</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">Security is collateralized by Municipal or U.S. Treasury obligations.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">4</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">Security is deemed to be of investment grade quality by the investment adviser.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">5</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">6</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of November 30, 2006, the Trust
held 4.4% of its net assets, with a current market value of &#36;16,388,590, in securities restricted as to resale.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">7</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is
adjusted. Rate shown is rate as of November 30, 2006.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">8</FONT></SUP> &nbsp; &nbsp;   </TD>
  <TD width=100%>
<FONT size=2 face="serif">Cost for federal income tax purposes is &#36;520,394,637. The net unrealized appreciation on a tax basis is &#36;53,538,675, consisting of &#36;53,575,252 gross unrealized appreciation and &#36;36,577 gross unrealized
depreciation.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<P align="center"><B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">ACA</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Capital Access</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">MBIA</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Municipal Bond Insurance Assoc.</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">AMBAC</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Municipal Bond Assurance Corp.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">PCRB</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Pollution Control Revenue
      Bond</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">AMT</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Subject to Alternative Minimum Tax</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">RAA</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Radian Asset Assurance</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">ETM</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Escrowed to Maturity</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">RB</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Revenue Bond</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FGIC</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Guaranty Insurance Co.</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">SA</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Special Assessment</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FRWD</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Floating Rate Weekly Demand</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">ST</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Special Tax</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">FSA</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Financial Security Assurance</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">TA</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Tax Allocation</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">GO</FONT>&nbsp;
  </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp;
    </div></TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">General Obligation</FONT>&nbsp;
  </TD>
  <TD align=left nowrap> <FONT size=2 face="serif">XLCA</FONT>&nbsp; </TD>
  <TD align=right nowrap>
    <div align="left"><FONT size=2 face="serif">&#151;</FONT>&nbsp; </div></TD>
  <TD align=left nowrap> <FONT size=2 face="serif">XL Capital Assurance</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<div style="border-bottom:1px solid #000000">&nbsp;</div>
<p><BR>
</p>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>


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<P align="left" style="page-break-before:always"></P><PAGE>
<P>
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">(a) The Registrant&#146;s principal executive and principal financial officers have evaluated the Registrant&#146;s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the
Registrant&#146;s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods
and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant&#146;s management, including its principal executive and principal financial officers, as appropriate, to allow timely
decisions regarding required disclosure. </FONT></P>
<P>
<FONT face="serif">(b) There were no changes in the Registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant&#146;s last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B></P>
<P>
<FONT face="serif">Separate certifications of the Registrant&#146;s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">(Registrant) </FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan="2">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% align=left>
<FONT face="serif">By: </FONT>
	</TD>
    <TD width=96% align=left><font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Name: Donald C. Burke</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Title: Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Date: January 25, 2007</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=4% align=left>
<FONT face="serif">By: </FONT>&nbsp;
	</TD>
    <TD width=96% align=left><font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Name: Robert S. Kapito</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Title: President and Principal Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Date: January 25, 2007</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan="2">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT face="serif">By: </FONT>&nbsp;
	</TD>
    <TD align=left><font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Name: Donald C. Burke</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Title: Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT face="serif">Date: January 25, 2007</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c46360_ex99cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<P align="right">
<B><FONT face="serif">EX-99.CERT</FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></P>
<P>
<FONT face="serif">I, Robert S. Kapito, certify that:</FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust II; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The Registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and </FONT></P>



<P>
<FONT face="serif">5. The Registrant&#146;s other certifying officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;s board of directors (or persons performing the equivalent functions):
</FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif"><br>
Date: January 25, 2007</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center><div style="border-bottom:1px solid #000000"><FONT face="serif">/s/ Robert S. Kapito</FONT>&nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD width=57% align=center>&nbsp;</TD>
	<TD width=43% align=center>
<FONT face="serif">Robert S. Kapito</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center>
<FONT face="serif">President and Principal Executive Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="right">
<B><FONT face="serif">EX-99.CERT</FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<P align="center">
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></P>
<P>
<FONT face="serif">I, Donald C. Burke, certify that:</FONT></P>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust II; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The Registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the Registrant&#146;s internal control over financial reporting that occurred during the Registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant&#146;s internal control over financial reporting; and </FONT></P>



<P>
<FONT face="serif">5. The Registrant&#146;s other certifying officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit committee of the Registrant&#146;s board of directors (or persons performing the equivalent functions):
</FONT></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant&#146;s ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P>
<FONT face="serif"><br>
Date: January 25, 2007</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center><div style="border-bottom:1px solid #000000"><FONT face="serif">/s/ Donald C. Burke</FONT>&nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD width=57% align=center>&nbsp;</TD>
	<TD width=43% align=center>
<FONT face="serif">Donald C. Burke</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD align=center>
<FONT face="serif">Treasurer and Principal Financial Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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